This Is Health

Benefit plans can mitigate people risks like COVID-19

Employer-sponsored benefit plans play a vital role in addressing the COVID-19 crisis

COVID-19 has shown the world that people risks, including those that affect the physical, emotional, and financial health of the workforce, can have an enormous impact on organistional performance and resilience.

COVID-19 has brought to light some gaps in outdated benefit plans, particularly in areas such as mental health and financial well-being. Organisations that are slow to modernise their benefit plans and tackle people risks during the COVID-19 pandemic may face business interruption issues associated with talent shortages, long work hours, stress, mental health issues, illnesses, and injuries.

By taking steps to address people risks, organisations can help support their business objectives and minimise their risk exposures. COVID-19 has highlighted opportunities to use benefits more strategically to protect employees, an organisation’s most vital asset.

Employee benefit plans can be a critical component of an employer’s people risk strategy. We encourage risk managers and HR professionals to work together to better understand how plan design, financing, administration, and communication affects their people. By effectively managing their plans, they can help their organisation avoid business disruption, unplanned costs, and brand damage.

Learn how your employee health and benefit plan, and a strategy that provides digital health and mental well-being solutions, can help you reduce people risks at times of crisis and better prepare for the future.